The global tech race is well underway. In this landscape, we should be proud to be Europe’s tech leader. But we can’t rest on our laurels.
From the United States in the west, to China in the east, the competition is fierce, and we need to focus hard on boosting our competitiveness.
One sure-fire way to do this is by fast-tracking our development and implementation of AI regulations – to put the UK front of the queue to firms seeking consistency and predictability.
The recent report from the City of London Corporation, “Vision for Economic Growth,” explains how the UK can strengthen its position to become a digital-first economy – giving our groundbreaking industries and businesses across the country a real boost.
At the Conservative Party conference this week in Manchester, I’ll discuss with Science and Technology Secretary Michelle Donelan how the UK can become a tech superpower. We applaud the government’s efforts to be on the cutting edge with initiatives like the Online Safety Bill and the upcoming Prime Minister’s AI Safety Summit.
Used safely, technology isn’t just a tool; it’s a vital driver of economic growth. The UK has a real opportunity to shape the digital world by pioneering a data-driven economic transformation.
Emerging technologies will reshape the global economy and how people and companies buy, sell, and transact. The UK has invested £2.5bn in artificial intelligence since 2014 and is home to a third of Europe’s AI companies.
Our report urges the deployment of machine-readable regulation which will democratise digital financial reporting – providing real-time and immediately comparable results.
And take digital verification. Our report shows a digital ID across a range of products and services could benefit businesses and consumers up to £5bn by 2030, including by reducing fraud losses. Using banking “single sign-on”, for example, could provide a simpler, smoother, more secure system making people’s lives easier and money safer.
Working with the private sector, the government has a significant role to play in bringing these innovations to life, both in building the right digital infrastructure and collaborating for a consistent approach on regulation. Together, we can ensure that the entire country is fit for the digital age.
We must boldly step into the future of technology. Data City, a Yorkshire-based tech company was valued at £10m just six years after it was founded and has now secured funding for the global roll out of its AI-driven data platform. The UK needs a digital environment conducive for such exciting companies to thrive and eventually list here. There is no time to mourn British companies that have listed on the NASDAQ – instead we must look to reshape our tech ecosystem to power the companies of tomorrow.
As the financial and professional services ecosystem continues to be significantly disrupted by technological advancement, we must embrace data-driven solutions to ensure that we remain a pioneering, dynamic, forward-thinking financial centre.